- ETH price failed to climb above the $195 resistance and declined recently against the US Dollar.
- The price is now trading below the $190 level and it seems like there could be more downsides.
- There is a short term breakout pattern forming with support near $186 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to continue lower below the $185 support and it may even break $180.
Ethereum price is back in a bearish zone below $190 versus the US Dollar, similar to bitcoin. ETH price is likely to continue lower as long as it is below $195.
Ethereum Price Analysis
Yesterday, we saw an upside correction in ETH and bitcoin above $192 and $10,200 respectively against the US Dollar. However, Ether struggled to gain momentum above the key $195 resistance level. As a result, there was a fresh bearish wave below the $192 and $190 support levels. Moreover, the price even settled below the $192 level and the 100 hourly simple moving average.
Ethereum price also broke the 50% Fib retracement level of the last wave from the $182 swing low to $196 swing high. During the decline, there was a break below a major bullish trend line with support at $190 on the hourly chart. The price is now trading well below the $190 level plus the 61.8% Fib retracement level of the last wave from the $182 swing low to $196 swing high.
Additionally, there is a short term breakout pattern forming with support near $186 on the same chart. If there is a downside break below the $186 and $185 supports, there could be more downsides. The next key support is near the $182 level, below which the price could revisit the $180 support. If there are additional losses, the price is likely to tumble towards the $170 support area.
On the upside, an initial resistance is near the $188 and $190 levels. Above $190, Ethereum price might climb towards the $195 resistance area. However, the main weekly hurdle for the bulls remain near $200, above which the price is likely to turn positive and move into an uptrend.
Looking at the chart, Ethereum price is clearly trading with a negative bias and yesterday’s recovery failed near $195. Therefore, there are chances of more downsides below the $185 and $180 support levels. The next stop could be $170, where the bulls may take a stand.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently well below the 50 level.
Major Support Level – $180
Major Resistance Level – $192